JLL closes $6.35 million sale of suburban Sarasota, FL office building

Energy Court Center at Lakewood Ranch, a 26,552-square-foot, best-in-class suburban office building in the Sarasota community of Lakewood Ranch, FL

 ORLANDO, FL – JLL announced  it has closed the $6.35 million sale of Energy Court Center at Lakewood Ranch, a 26,552-square-foot, best-in-class suburban office building in the Sarasota community of Lakewood Ranch, Florida. 

JLL represented the seller, AHL 511, LLC. Naples Crown Realty, LLC, based out of New York, purchased the asset. 

Energy Court Center at Lakewood Ranch is located at 5391 Lakewood Ranch Boulevard on the east side of Interstate 75 approximately six miles northeast of downtown Sarasota. 

Robbie McEwan

The property is in Lakewood Ranch, the nation’s second highest-selling master planned community in 2018. 

The building is approximately two miles from Florida’s first Diverging Diamond Interchange (DDI) on University Parkway, which was recently completed and will improve traffic flow and provide excellent access to the property. 

Completed in 2008, Energy Court Center at Lakewood Ranch’s three stories are fully leased to a variety of tenants in the realty, investment management, architecture and construction sectors.

The JLL Capital Markets team representing the seller was led by Senior Director Robbie McEwan and Associate Ryan Stoffer.

“Lakewood Ranch continues to attract national and global investors as the second-best selling master planned community in the nation,” McEwan said. “We were pleased to be able to reach a record-setting $239 per square foot disposition price for our client through a strategic national and global marketing effort.”

Ryan Stoffer

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019.  Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact: 

Kimberly Steele

 JLL Digital Content/PR Specialist 

Phone: +1 713 852-3420

Email: kimberly.steele@am.jll.com

 jll.com

JLL secures $24 million financing for Olde Raleigh Apartments in Raleigh, NC

Olde Raleigh Apartments. 4000 Grand Manor Court, Raleigh, NC

WASHINGTON DC – JLL announced  it has secured $24 million in financing for Olde Raleigh Apartments, a 228-unit, garden-style apartment community located in Raleigh, North Carolina.

JLL worked on behalf of Taurus Investment Holdings, LLC, to arrange the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program.

Jamie Leachman

The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced existing debt on the property.

Olde Raleigh is located at 4000 Grand Manor Court near William B. Umstead State Park and Interstates 40 and 440, which provide residents with access around the Raleigh-Durham MSA. 

The property consists of a mix of one-, two- and three-bedroom floor plans with a large selection of in-home features, including gourmet kitchens with stainless steel appliances, garden tubs, custom built-ins, plank flooring, in-unit washers and dryers and private patios or balconies. 

Community amenities include a resort-style pool, outdoor grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and dog park. Olde Raleigh was more than 94% occupied at closing.

The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

  

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact: 

Olivia Hennessey

 JLL Public Relations Specialist 

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

 www.tiholdings.com

jll.com.

Singer-songwriter Alicia Keys Buys Cool La Jolla, CA Home for $20.8 Million after Price Drops from $45 Million

Designed by Wallace E. Cunningham, the 10,240-SF  'Razor House' shows off sleek contemporary lines and commanding views over the Pacific Ocean
 Photo by Gary Kasl

Alicia Keys

LA JOLLA, CA -- Its sleek contemporary lines and commanding views over the Pacific Ocean have graced the pages of cutting-edge magazines and websites around the world, in addition to a starring role in Visa Black Card and Calvin Klein television commercials. 

Wallace E. Cunningham 

The “Girl on Fire” and 15-time-Grammy-winner, Alicia Keys, is the big winner once again and holds the keys to the Razor House as its new owner, according to TopTenRealEstateDeals.com. It is located in La Jolla near Torrey Pines Golf Course, Del Mar Racetrack and the La Jolla Playhouse.Designed by Wallace E. Cunningham in La Jolla, California, it was on the market originally at $45 million, then at $30 million, reduced to $24.995 million, with Keys paying $20.8 million.
Built in 2007, the Razor House extends several stories below the original surface so that each roof forms a terrace to the adjacent upper floor. 

The center of the structure is essentially hollowed out, creating a perimeter house wrapped around an open courtyard which allows daylight, moonlight and stunning views. 

The main house has 10,240 square feet of living space including two master suites, two additional bedrooms, six baths, two steam rooms/showers, gym, roof-top spa and built-in outdoor BBQ. 

Raquel Welch

The master-suite baths include showers and freestanding tubs as well as closets. The detached multi-leveled guest house has 1,301 square feet and includes two bedrooms and two baths, each having separate entry points on different levels.

Sally Ride

Luxury finishes and special touches include travertine stone floors that run continuously from interior to exterior, solid-walnut flooring in the library and on the family-room ceiling and suede-wrapped walls in the primary master suite.

Paul Brown

The library contains a custom Ralph Lauren glass-and-stainless pool table. Both the main kitchen and service kitchen are furnished with Gaggenau, Miele, Subzero and Hoshizaki in multiples to cover large-scale entertaining while a computer room houses all of the homes integration and automation systems.

 Jonas Salk 

 A subterranean garage houses four cars and a glass elevator operates from the subterranean garage level all the way to the rooftop-terrace level of the home.

Entertainment includes a state-of-the-art theater and a 5,100-cubic-foot-infinity swimming pool that visually blends in with the ocean.

Theodore “Dr. Seuss” Geisel

One of California’s most picturesque locations on the Pacific Coast, La Jolla has been the home of Theodore “Dr. Seuss” Geisel, actor Gregory Peck, Jonas Salk who developed the polio vaccine, astronaut Sally Ride, NFL pioneer Paul Brown and actress Raquel Welch.

Gregory Peck

Singer-songwriter Alicia Keys has scored one of today’s contemporary masterpieces for $20.8 million, originally listed at $45 million, and conveyed with a guarantee of spectacular sunsets.

Josh Altman

 Josh Altman and Matt Altman of Douglas Elliman were the brokers for the sale.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

$113 million sale of Historic Medical Dental Building in Seattle, WA completed by JLL

Medical Dental Building, Central Business District, Seattle, WA

SEATTLE, WA– JLL announcedit has closed the $113 million sale of the historic Medical Dental Building, an approximately 300,000-square-foot, office/medical building located in the dynamic Seattle central business district.

JLL marketed the property on behalf of the seller, Goodman Real Estate, Inc., and procured the buyer, Menashe Properties, Inc.

Kevin Freels

The 18-story landmark building was constructed in two phases in 1925 and 1950, renovated in 2008 and recently received over $25 million in building upgrades, including new lobby finishes and the creation of a Winter garden common area.  

The property includes a diverse roster of over 130 professional tenants, primarily private medical and dental practices and office space.  

Bartell Drug Co., the country’s largest and oldest family owned pharmacy headquartered in Seattle, anchors the Medical Dental Building with a 12,606-ground floor retail store. 

 Additional major tenants include Deltek, Inc. and The Polyclinic.  The property is located within Seattle’s key retail corridor, adjacent to Nordstrom’s flagship store and a five-minute walk from Amazon’s world headquarters campus.

 

Jordan Menashe

“The Medical Dental Building is a perfect legacy asset for us and yet another stepping stone for the next generation of Menashe Properties,” said Jordan Menashe, CEO.

 “The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle with South Lake Union only steps away.  

"Our focus will be on providing a personal experience defined by quick decision making and a willingness to make deals with open arms with tenants of any size. 

"We truly appreciate Kevin Freels and Logan Greer of JLL for presenting this unique off-market opportunity to us and recognize our acquisition as a value-add play in a high demand area with little vacancy.”

Logan Greer

The JLL Capital Markets team representing the seller was led by Directors Kevin Freels and Logan Greer, and Senior Managing Directors Michael Leggett and Gerry Rohm. 

“Seattle is the third tightest office market in the country; rents continue to increase due to the limited supply of space combined with the immense influx of technology tenants,” Freels added.  

Damon McCartney

“The Medical Dental Building serves a unique purpose for our Downtown market and provides convenient access to health care for the many downtown employees.”

Menashe Properties is excited to work hand in hand with the Broderick Group – Seattle Office as its exclusive brokerage team for the Medical Dental Building. 

 The Property leasing team is represented by Damon McCartney, Maverick Olivares and Ryan Nelson. 

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Maverick Olivares

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Goodman Real Estate, Inc.

Founded in 1980 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held real estate investment company specializing in multifamily and commercial real estate.

Ryan Nelson

  Headquartered in Seattle, Washington, GRE maintains a diversified portfolio of quality commercial property investments across the United States and Canada. 

 With its managed assets valued more than $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments: multi-family construction; hotels and resorts; office and retail buildings; land development and structured investments.  

GRE is a company with deep roots in the Pacific Northwest with values reflected through local charitable giving and commitment to local issues.  For more information,  please visit www.goodmanre.com.

Gerry Rohm

About Menashe Properties, Inc.

Menashe Properties, Inc. was founded over 40 years ago and is a privately held family office committed to excellence in commercial real estate investment and management.

  The company’s primary focus has been in the Pacific Northwest although the company has grown substantially over the last few years with acquisitions of quality office properties in Colorado and Washington.  

Menashe Properties, Inc. prides itself on its attention to detail in professionally maintaining and improving its properties, sustaining close tenant relationships and providing exceptional customer service. 

 The company is well positioned for continued growth in the office, industrial or retail sectors. For more information on Menashe Properties, Inc., visit menasheproperties.com or contact Jordan Menashe.

Michael Leggett

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kristen Murphy

 JLL Director, Public Relations 

Phone: +1 617 848 1572

Email: kristen.murphy@am.jll.com

jll.com

JLL arranges financing for $44 million multi-housing development in American Fork, Utah

Mike White

SALT LAKE CITY, UT – JLL announced it has arranged high-stack (80%+ LTC) construction financing for the development of The MillPond Apartments, a 214-unit, Class-A, $44 million multi-housing property in the Salt Lake community of American Fork, Utah.

JLL worked on behalf of the borrower, Rockworth Companies, to place the three-year, limited-recourse construction loan with one of the largest debt funds in the country. It was the fund’s first-ever financing in Utah and was closed within 65 days.

The JLL Capital Markets team representing the borrower was led by Managing Director Mike White.

“This project was so well-conceived, located and sponsored, that the capital-provider broke a $50-million funding minimum for their first construction loan in Salt Lake City,” White said. 

Downtown American Fork, UT

“JLL’s comprehensive supply-demand research confirmed North Utah County’s multi-housing market as one of the top investment opportunities in the country. Once they visited SLC, the fund 100% agreed with that conclusion.”

The MillPond Apartments will comprise 11 three-story buildings with wood-frame construction that house a mix of one-, two- and three bedrooms units averaging 906 square feet. 

Units will feature a patio or balcony, in-unit washer and dryer, nine-foot ceilings, oversized tub, high-quality cabinetry and luxury wood-style flooring.

The Meadows, a 2.1-million-square-foot retail and entertainment center in American Fork, UT

 Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue and picnic area, dog park and a bike repair facility.

Located at 80 North 1020 West, the site is adjacent to the entrance to Interstate 15, which is the main arterial between Salt Lake City and Provo. It’s also across from The Meadows, a 2.1-million-square-foot retail and entertainment center anchored by some of the largest national retailers in the country. 

Silicon Slopes, a large concentration of corporate tech firms and one-third of a mile from the American Fork Front Runner Light Rail Station

The TOD property is six miles from Silicon Slopes, a large concentration of corporate tech firms and one-third of a mile from the American Fork Front Runner Light Rail Station. 

American Fork is a high-growth market in the Greater Salt Lake Area about half-way between Salt Lake City and Provo.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kimberly Steele, JLL Digital Content/PR Specialist 

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

 rockworthco.com 

jll.com

Creative Office Redevelopment CASA Nears Completion with Host of Pre-Leases in Phoenix, AZ

Curt Kremer

PHOENIX, AZ  – The first phase of creative office space at George Oliver's $17 million CASA redevelopment in Phoenix is heading toward an October completion with a host of pre-lease commitments in tow.

The project, which totals 181,188 square feet of Class A office space, sits in the heart of Phoenix’s popular Uptown neighborhood.

Casa exterior

Located off of the Piestewa Freeway/State Route 51 and Northern Avenue at 7878 N. 16^th Street, CASA is transforming a 1989-built commercial property into next-generation modernized office space.

The building mixes rich Spanish architecture with lifestyle amenities designed around a focus on health and wellness to serve its tenants.

Confirmed pre-lease commitments at CASA include Rockwell Automation (26,805 square feet), The Money Store (7,512 square feet), Olsson (7,199 square feet), Phoenix Association of Realtors (3,957 square feet) and North & Co. and affiliates (leasing eight co-working suites).

Casa lounge

Local favorite Kaleidoscope Juice has also committed to a lease to operate an on-site café and lounge serving healthy food, coffee and juice.

“CASA is the next generation of office space,” said Curt Kremer, Founder and Managing Partner of Phoenix-based George Oliver.

“That begins with flexible, modern workspace and extends into a carefully curated mix of amenities – all with the goal of creating a working community focused on the success and wellness of its tenants.”

Casa north patio - cantina

Among the unique touches at CASA are transformed lobbies, a 60-guest conference center, a wellness center with yoga room, fitness center, on-site meditation room, elevated walking path, library, car charging stations and dog park.

Two centralized courtyards with water features and seating serve as hubs for relaxation and collaboration. CASA also includes a two-story dining experience with dedicated food truck parking, shaded outdoor dining and outdoor games and lounge areas.

In November, George Oliver is also scheduled to complete its self-branded and operated coworking space at CASA, with rents from $800 to $2,900 per month.

Ryan Timpani 

 Its users will benefit from fully furnished suites with access to shared breakrooms, a private coworking lounge and multiple conference rooms.

 In addition to the coworking, the company will also deliver three spec suites at CASA ranging from 2,250 to 8,663 square feet and with fully furnished, move-in-ready options and popular comforts like open break rooms, glass offices, collaborative spaces and timeless custom finishes.

Todd Noel 

George Oliver purchased the CASA building, previously known as Catalina Terraces, in December 2018. The project sits at the base of the North Mountain Phoenix Preserve, minutes from the Piestewa Freeway/State Route 51 and with more than 13,700 apartments and 200 restaurants/bars within a three mile radius.

Ryan Timpani and Todd Noel of Colliers International are CASA’s exclusive leasing brokers. Arcadia Management manages the property and staffs an on-site tenant concierge.

RSG Builders is the general contractor. Western Alliance Bank is the project lender. For more, please visit www.uptowncasa.com.

About George Oliver 

George Oliver LLC is a Phoenix-based, privately owned commercial real estate investment and operating company specializing in transforming obsolete buildings and business parks into first-class, institutional-quality office communities. 

To learn more or to discuss new project opportunities, please visit www.georgeoliver.com.

MEDIA CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com